Yeung’s Next Leader Fund was owed separate debts of £25.3m and £10.7m by the club
Last Updated: 20/08/20 1:46pm
Wigan owner Au Yeung Wai Kay has waived £36m in debts owed to him by the troubled club, removing the threat of a further points penalty next season as administrators try to find a new buyer.
Yeung’s Next Leader Fund was owed separate debts of £25.3m and £10.7m by the club, but administrators announced on Thursday that the Hong Kong businessman had waived his right to repayment.
“(Yeung) has given the administrators the powers necessary to put this into effect and to use all monies for the benefit of the club,” a statement said.
“By waiving all his rights Mr Yeung has also made it much more possible to pay the necessary 25p dividend to the creditors and thus avoid a further 15-point penalty next season.”
Wigan were relegated to League One at the end of the season after being hit with a 12-point penalty for entering administration.
The full written reasons for that penalty, published on Monday, said Yeung had inquired about putting the club into administration before he had completed his takeover on June 24.
A new owner is now being sought, but administrators responded to a report in a national newspaper suggesting that Randy Frankel and Michael Kalt had made an offer by saying that “no credible bid has been received from this organisation that would lead to the saving of the football club”.
“Talks are however continuing with serious bidders with a view to bring a successful sale to fruition,” the statement said.